$Meta Platforms, Inc.(META)$ $Alphabet(GOOGL)$ $Reddit(RDDT)$ $Pinterest, Inc.(PINS)$ $Snap Inc(SNAP)$ Deutsche Bank's latest advertising channel checks came back strongest for Meta Platforms and Alphabet. Meta is still benefiting from better campaign performance, a more valuable mix of Reels and Stories inventory, and growing adoption of its AI tools. Google continues to benefit as AI Overviews, AI Mode, and the broader shift toward zero-click search reduce organic traffic and increase demand for paid acquisition.
Relative to current expectations, the checks look most favorable for Meta and Reddit. While Reddit's spend growth decelerated against a difficult comparison, the company finished 300 basis points ahead of plan. Pinterest and Snap are improving, but the checks suggest greater confidence in the durability of Pinterest's recovery. Amazon remains healthy overall, though its mix continues to shift from sponsored products toward its delivery service partner program and video.
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